HNB Assurance PLC (HNBA) felicitated the bright-sparksof its Sales Force atthe 12thSales Convention held recently at the Hilton Colombo. The eagerlyanticipated night of the Company’s event calendarwas graced by the presence of Mrs. Rose Cooray as Chief Guest, the Board of Directors of HNBA as well as the Management of both HNBA and its fully owned subsidiary HNB General Insurance Limited (HNBGI). Sharing her thoughts on this day of celebration, Chairperson of HNBA and HNBGI Mrs. Rose Cooray stated “Tonight we celebrate the breakthrough performance, the enthusiasm and the go-getter spirit of our Sales Force. The Sales Forcehas been a significant stakeof the Companysince its inceptionandhas delivered an extraordinary performance in2016, immensely contributing to the growth of the Company. I’m extremely pleased atthe outcome of their commitment, dedication towards constantly striving to raise the bar further”. Sharing his thoughts on this celebratorynight,Managing Director/Chief Executive Officer of HNBA and HNBGI Mr. Deepthi Lokuarachchi stated “Throughout its journey of 15 years, the Company has showcased its strength and stabilityby yielding significant results. The Sales Forcehas contributed substantiallyto the growth of the Companybycapturingnew market segments, as well as byseizingtheexistingmarketgapsin a challenging industry. Tonight we celebrate the accomplishmentsof the crèmeof the Sales Forceincluding forty oneMillion Dollar Round Table (MDRT) qualifiers,one Courtof the Table (COT) qualifierand one Top of the Table (TOT) qualifierand I’m delighted to laud those individuals who have gonethatextra mile to realize achievements such as these”. Speaking on the performanceand on the future outlook, Chief Operating Officerof HNBAMr. Prasantha Fernando stated, “The devotion the Sales Forcehasin no small measurehelpedthe Company to growover the years to the stature and stability that it has achieved to date. These results have created a favorable mindset amongst our Sales Force in this highly competitive market, and regardless ofthe obstacles,I’m sure theachievements of theSales Forceof HNBA willcontinue to grow from strength to strengthas a result of their resolve to succeed”. The 12thHNBA Sales Convention honored 225Advisors under categories of Bronze, Silver, Gold and Super Gold. Amongst thosegolden trophies were the accolades for theBest Service Center,Best Zonal Manager, BestCluster Manager,Best Regional Office Manager, awards for MDRT, COT and TOT qualifiers. The top awardeeof the nightwasMs. U. K. K. C. Silva who was awarded as the Best Sales Personof the Year. Another specialty of the nightwas thetokensof appreciation presentedto several artists of the golden era, acknowledging theircontributionto enlighten the entertainment industry of Sri Lanka. Accordingly the acknowledged artists wereMr. Prince Udaya Priyantha, Mr. Berty Gunethilake, Mrs. ChandraniGunewardenaandMr. PiyadasaAthukorala.
Mar
HNB Assurance proudly celebrates another milestone, with 222 financial advisors qualifying for the prestigious Million Dollar Round Table (MDRT) in 2024. This marks a significant growth from the previous year, highlighting the company’s commitment to building a strong and high-performing sales team. Among the qualifiers, 23 achieved Court of the Table (COT), while 8 reached Top of the Table (TOT).MDRT is a globally recognized organization representing top financial professionals from 500 companies. With over 72,000 members worldwide, MDRT sets the gold standard in the insurance and financial services industry. Achieving MDRT status is a symbol of excellence, customer focus, and professional growth.Reflecting on this success, Mr. Lasitha Wimalaratne, CEO of HNB Assurance, stated,“Surpassing our previous record and achieving a highest ever, 222 MDRT qualifiers is nothing short of extraordinary. This achievement is not just a number—it’s a reflection of the resilience and mindset of our team. Having 23 COT qualifiers and 8 TOT qualifiers underscores the level of expertise we cultivate at HNB Assurance. My heartfelt congratulations to our qualifiers along with the Advisor Distribution Management, Partnerships Channel and Sales Training and Development teams for their hard work as well.”Adding to this sentiment, Mr. Shiran Fernando, Head of Sales Training and Development, emphasized the company’s investment in its people “This achievement is not accidental, it is the result of a meticulously crafted strategy and an organizational culture that prioritizes continuous learning. We have built a structure where both our Advisor Distribution and Partnership Channels work in perfect synergy with the Training & Development team, ensuring that our financial advisors are equipped with the skills and insights needed to excel. At HNB Assurance, we are not just selling insurance, we are redefining financial security for our customers with world-class expertise and innovation. As we move into 2025, I am confident that we will surpass this achievement once again and set a new record in our company’s history.
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Feb
HNB Assurance PLC was recognized with the prestigious Effie Award under the Insurance category for its groundbreaking ‘Dola Duka’ campaign. Notably, HNB Assurance was the only winner in this category, underlining the campaign’s creativity, effectiveness and impact.The ‘Dola Duka’ campaign was conceptualized to address the unique cravings of pregnant and expecting mothers, ensuring they had access to their desired food items at any time. HNB Assurance bore the delivery costs while collaborating with merchants to extend their operating hours late into the night, ensuring seamless fulfillment of these cravings. This initiative showcased the brand’s deep commitment to customer-centric innovation and redefining insurance beyond conventional boundaries.Expressing his thoughts on this achievement, CEO of HNB Assurance PLC, Mr. Lasitha Wimalaratne, stated, “I am truly proud of the effort that went into us winning an Effie Award, which is a testament to the meaningful impactful we managed to make. For us, ‘Dola Duka’ was more than just a campaign, it was about understanding and addressing a real need, reinforcing our promise to care for our customers beyond insurance. My congratulations to all the teams involved.”Adding to this, Chief Marketing and Customer Experience Officer of HNBA, Mr. Dinesh Yogaratnam, commented, “This campaign reflects our ethos of innovation and customer-first thinking. ‘Dola Duka’ was designed to resonate emotionally while delivering tangible value, and this award is a validation of that success. A big thank you to our incredible partners, RN Media and Quickee.lk, for joining us on this journey and making this campaign a reality. We will continue to move forward bigger and better, creating impactful campaigns that redefine the insurance industry and enhance the lives of our customers and beyond.”
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Feb
HNB Assurance Group (HNBA and HNBGI) posted yet another year of remarkable performance, improving on its impressive growth rate maintained over the last few years. For the financial year 2024, the HNBA Group achieved a 21% increase in Gross Written Premium (GWP), growing from Rs. 18.8 Billion to Rs. 22.7 Billion. The Group also recorded a consolidated Profit After Tax (PAT) exceeding Rs. 1.8 Billion, marking a 7% growth compared to the previous year.HNB Assurance PLC's (HNBA) financial strength was highlighted by its upgraded Fitch rating, making it the only life insurance provider in Sri Lanka with an 'A' rating from Fitch Ratings Lanka. Complementing this, HNB General Insurance (HNBGI) also achieved an 'A' rating, positioning it among the few general insurance companies in Sri Lanka to earn this distinction.Chairman of HNBA Group, Mr. Stuart Chapman, commenting on the Group’s financials for the year 2024, stated, “I’m extremely proud to note that the HNBA Group has once again exceeded expectations, delivering strong results that showcase our strategic foresight and operational efficiency. In terms of our numbers, over the past four years, we have consistently delivered strong growth, with a remarkable 22% average annual increase in GWP as a Group. This achievement underlines our focus on sustainable business practices. Our share price growth of 42% at end of 2024 reflects the trust the market places in our stability. It is also remarkable to note that both HNBA and HNBGI have maintained robust capital adequacy ratios of 379% and 219%, respectively, well above the regulatory requirement of 120%.”The Group’s Funds Under Management increased by 24% in 2024, reaching Rs. 55 Billion, highlighting the strength of the investment strategy as a key pillar in maintaining the Group’s financial stability and profitability. “When it comes to Insurance, trust is an absolute must and this remains central to our operations, as evidenced by the fact that we honored claims exceeding Rs. 6.7 Billion, with 98% of complaints being resolved successfully. This track record is a direct result of the dedication and hard work of our team, along with our focus on building lasting relationships with our policyholders”, added Mr. Chapman. CEO of HNBA Mr. Lasitha Wimalaratne, breaking down the achievements of HNBA, stated, “Looking back at 2024, I am genuinely proud of the strides we have made as a company. Achieving a 7.5% market share is a huge milestone and we are well on our way to hitting that 10% target by 2026. Our New Business Premiums grew by 27% and our overall GWP up by 26% compared to 2024, which speaks volumes about the trust our customers place in us. Our investments also paid off, with an 8% boost in investment income, reaching Rs. 6.9 Billion.”“Personally, what stood out last year was, how we weathered challenges together. Despite the higher operating costs from our IT upgrades, we managed to close the year with a 3% growth in profits. Additionally, our Total Assets have grown by 24% to reach Rs.53 Billion with a PBT of Rs. 2.4 Billion and PAT of Rs. 1.66 Billion. I'm extremely thankful to all the teams for their collective efforts in driving our business from strength to strength,” he added.CEO of HNBGI, Mr. Sithumina Jayasundara, sharing his thoughts on the 2024 financial performance, stated, “2024 was a year of resilience and innovation for HNBGI, as we sustained our remarkable growth trajectory, doubling the industry growth rate for the fifth consecutive year. Our overall GWP growth of 14%, compared to the industry’s 6.9%, reflects the strong momentum we continue to drive. Notably, our non-motor segments surged by 24%, with Marine, Fire and Engineering Insurance achieving exceptional growth of 166% and 27% respectively, which is the highest among the top 10 General Insurers in the country. Despite challenges in the motor insurance sector, we remained agile, diversified our offerings, and secured a solid 6% growth."“One of the aspects we paid close attention to during 2024 was customer satisfaction which reflected in our renewal retention ratios of 77% for motor and 82% for non-motor segments, as well as a remarkable Net Promoter Score of 77. These figures show the trust and loyalty our customers have in us. Additionally, we achieved a 59% growth in Profit After Tax, and a market share of 7% which demonstrated the success of our strategy of driving sustainable growth in an uncertain environment. With our total assets reaching Rs. 10.2 Billion, a 7% increase, we’re confident that our approach is positioning HNBGI for long-term success.” Added, Mr. Jayasundara.
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